Becoming a power broker: Why it takes more than lead volume

On day one of the 2018 realtor.com® Results Summit, three power players — Robert Slack, Jenny Wemert, and Thomas Brown — took the stage to discuss maximizing the ROI of leads.

And in this super-transparent session, out came some secrets that will help any broker take charge of their lead distribution and ultimately, get better results when it comes to optimizing web leads. Read on for these experts’ answers to three of the most prevalent broker questions.

How many leads is too many?

Mega-broker Robert Slack announced in the panel that he has begun to limit the total number of leads he provides his agents monthly. Slack says that if you give an agent more leads, he or she will not sell more properties — instead, they’ll sell fewer, and they’ll begin to feel overworked and less productive.

Slack now limits his agents to 35-40 leads per month. He stated that a few of his highest-conversion agents get just 25-30 leads each month, but tend to close 3-4 of those leads.

Jenny Wemert, the broker-owner of Wemert Group Realty, agrees that agents shouldn’t take on too many leads — but her model goes even further, allowing agents to work just 3-4 qualified buyer leads at a time.

Wemert uses inside sales associates (ISAs), who act as liaisons between new leads and their Wemert Group agents.

Each agent can only “carry” 3-4 buyers at a time, but these buyers are vetted leads whom the ISAs have verified are in need of an agent. Agents let the team of ISAs know when they are ready for a new lead.

Wemert reports that under this model, agents do not feel the need to hoard their leads. They operate from an “attitude of abundance,” knowing that they are expected to convert the leads they are transferred — but they can also pick up a new lead when they’re ready.

What steps and scripts should agents follow to warm up brand-new web leads?

The ticket to warming up cold leads, says Wemert, is to start by showing you understand that they’re overwhelmed with calls from other agents, but you’re here to end that once and for all. Here’s how she recommends agents and ISAs start the first conversation:

Empathize: Have you been bombarded with calls? So sorry to hear that; we’re the preferred Realtor in this area and we are happy to help with your needs.

Ask questions and demonstrate knowledge: Ask what they know so far, what they are looking for, and drop in basic market stats or insights to develop trust.

Hook them in and then set them up for a warm transfer: Once the lead is qualified and a relationship has been established, it’s time to begin the warm transfer to an available agent. The ISA might say, “Cindy is going to be calling you, I just talked to her earlier today.”
It’s important that the transfer to an agent not come off as a random recommendation; it should feel warm and more strategic. And most importantly, the ISA must not set the appointment; that’s up to the agent. For a transfer to truly be “warm,” the agent must make contact with the lead on their own — otherwise, any trust that has been built up, is lost.

Slack and Brown agree that having a script can be helpful for some agents or ISAs, while others prefer to "feel it out."

Surprisingly, Slack says that he never tells his agents or ISAs to ask if the lead is pre-approved. It’s too formal and it’s too logistical. Instead, he tells them to start building trust by getting to the root of their needs quickly, asking about kids, if they’re looking for certain schools, and what their overall needs are. Details about mortgage options can wait until they feel comfortable with you.

Brown agrees that it’s important not to “go in for the kill right away” and tells agents to have an organic discussion and talk to leads like they’re regular human beings. They know you have the ability to help them, but they don’t know, yet, if you’re worthy of their business. Show them that you are.

If brokers provide leads, are we minimizing the importance of repeat and referral business?

You know the old saying — give a man a fish and you’ll feed him for a day. Teach a man to fish, and you’ll feed him for a lifetime.

When it comes to providing leads to agents, are you giving them fast business, but failing to give them the tools and culture they need to succeed in the long-term?

Not necessarily, says Wemert. At her firm, they stress the importance of building referrals and a strong, trustworthy culture. They do this by:

Offering 3-4 qualified realtor.com® leads to each agent, each month

Helping new agents gain confidence via early “wins” from these lead-generated deals

Incentivizing agents to create and maintain a database of contacts (including past leads) they can mine for business in the future

By helping them to build early success and a robust, active database, Wemert says that they are able to push for agents to earn 50% of their deals from repeat and referral business after just three years in the industry. This sustainable model ensures more success for the agents, and for Wemert’s business.

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